TEHRAN, Dec. 03 (Press Shia Agency) – Foreign Minister Zarif has emphasized that trade and business relations between Iran and India are not limited to oil, gas or energy bonds.

Speaking at Iran-India Economic Summit in India, Iranian Minister of Foreign Affairs Mohammad Javad Zarif said economies of Tehran and New Delhi, as largest producers and consumers of energy, complement one another.

He pointed to Iran’s determination to bolster ties with India asserting that Tehran will always remember New Delhi’s cooperation during the tough era of sanction years.

Iran’s foreign minister, while referring to Iran’s commitment to develop trade with India, urged the opposite side to provide proper grounds for expansion of collaboration between the two countries.

“Chabahar marks an excellent venue for bilateral cooperation between the two sides,” said Zarif adding “investment in the Iranian free trade zone holds significance for the whole region as it can connect India to Afghanistan, Central Asia, Russia as well as Europe.”

The official also underscored the importance of banking relations between the two countries expressing hope that these ties, as backbones of economic cooperation, will further develop and become strengthened.”

Zarif said a senior official at India’s UCO Bank has announced that the commercial banking company plans to open a branch in Tehran by the end of the current year.

“The measure remains as a significant leap in conducting economic activities in Iran and will pave the path for further cooperation between economic activists of both sides,” he continued.

Also at the session, the Iranian Ambassador to India Gholamreza Ansari referred to preservation of Iran-India ties during sanction years reiterating that bilateral relations between the two sides can become accelerated by removing existing barriers and sanctions.

“The volume oil imports from Iran by India has returned to pre-sanction levels,” stressed the official adding “India can export its products to the world at lower costs through North-South Corridor.”